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Europe

Parliament approves French participation in EU's Greek bailout

Text by News Wires

Latest update : 2011-09-09

The Senate on Thursday voted to approve French participation in an EU financial aid plan for Greece just a day after its approval by the lower house, making France the first European country to give formal legal backing to the bailout.

AFP - The French parliament Thursday gave final approval for the country's part in the bailout of Greece when the proposal was approved by the Senate.

The upper house vote followed the green light given Wednesday by the National Assembly. The centre-right government's UMP party has a majority in both houses.

The opposition Socialists, however, abstained in the voting in both houses.

France is expected to be the first country to formally give legal backing to the bailout.

"The next thing is for the Greek government and parliament to fully put into action the modalities of the plan that concern them and that they apply the programme as defined by the European Commission," Budget Minister Valerie Pecresse has said.

Greece will benefit from the plan designed to head off a government debt default that would weaken the euro and threaten banks in richer eurozone countries, and it is expected to make swingeing cutbacks.
 

Date created : 2011-09-07

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